BUSINESS
The entities, mostly owned by members of Raju’s immediate and extended family, and the Satyam management are yet to agree on the final terms of the settlement.
The proposed settlement between Satyam and the entities that had lent money to the IT company’s founder, B Ramalinga Raju, is likely to happen over about six months, that too in phases.
The entities, mostly owned by members of Raju’s immediate and extended family, and the Satyam management are yet to agree on the final terms of the settlement.
Sources tracking the development told DNA Money the Rajus are not in a hurry to settle it overnight. Though keen to get the money back, they are looking at multiple parcels.
According to the sources, the deal is likely to be sealed in the next couple of months and the payout could take place in 5-6 tranches. The mode of settlement, too, is not clear.
Sources said, once the deal is sealed, the Rajus would first drop the ‘defaulter’ charge against Satyam. Then Satyam would through begin paying the money.
“We don’t know how the payout would be shown in Satyam’s books. The Rajus’ would not proceed with any claim after that,” the source said.
The Raju entities had a two-pronged strategy to make Satyam pay the `1,230 crore infused into the company by Raju when the chips were down, even though the books were looking better due to account fudging, the source said.
“Normally, they would wait for IL&FS or Maytas to make the first move to prove that the money was indeed infused into Satyam. Once Maytas is successful in this, the Raju entities would follow suit.”
Secondly, the entities would wait for Tech Mahindra’s move to merge Satyam and then rake this up, thereby creating a major roadblock.
“A litigation seemed imminent since the Rajus are not willing to let go of the money. Though one can still dispute the figure (`1,230 crore) quoted by Raju in his January 7 letter, the entities have their own set of documents to prove that they had lent money to Raju,” the source said. A settlement, would be carried out quietly since due to its “larger implications”, the source said.
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